1. Field of the Invention
The invention relates to an automated loan approval system.
2. Related Art
In the mortgage loan industry, brokers obtain borrower information from prospective borrowers, coordinate with prospective lenders, and attempt to match borrowers with lenders in response to borrower information. It would be advantageous for brokers and lenders to be able to coordinate effectively, rapidly, and at minimal cost.
In one known method, a broker enters information on a loan request to be approved by one or more lenders, lenders review that loan request and indicate terms at which they would approve that loan request, and the broker selects one such bid to accept. This method achieves the general goal of presenting loan requests, and obtaining information regarding the lender view of those loan requests, substantially automatically and at reduced cost.
This known method has the feature that lenders might end up reviewing or approving substantially more loans than the number that are actually completed. For just one example, multiple lenders might conditionally approve a specific loan request, but only one of those lenders will actually complete the loan.
This known method also has the feature that brokers actually submit loan requests to find out whether that loan would be approved, by whom, and at what cost. For just one example, brokers might wish to advise prospective borrowers without the commitment or difficulty of making a complete loan application, such as to advise prospective borrowers of the likely available loan rates for borrowers in similar circumstances.